Tactical ETF Portfolio Shift Commentary 04/01/2010

Within domestic equities, we have reduced total large cap exposure in favor of small/mid caps and have further shifted the large cap style bias to large cap value. The overweight to large cap value is based on the view that the industrial, financial and consumer sectors will continue to benefit from a better earnings and macro environment. We have increased small and mid cap exposure as we expect small/mid cap segments to continue to outperform in a recovery scenario. Within mid caps, we are taking a growth tilt to overweight technology and consumer sectors.